A credit-hungry US market is driving borrowing to near-record levels, per Equifax. As a result, lenders increased general-purpose credit card originations in March to levels exceeding any other March since Equifax started tracking the data.
Cards with crypto rewards are among the most sought-after as Visa reported its customers spent over a billion dollars on crypto-linked cards this year alone. Visa is one of many financial services companies partnering with cryptocurrency platforms to allow its customers access to digital currencies.
Visa recently teamed up with BlockFi to launch the first-ever crypto rewards card in the US. The card rolled out to select clients and now has a waiting list of over 400,000 more hopefuls as more people are starting to understand the relationship between digital currencies and credit cards.
Visa’s CEO remarked that the company is pushing to make cryptocurrencies more accessible and easier to spend. He added that many Visa customers are purchasing cryptocurrency on the network, and the trend is expected to continue.
The company also announced it added the cryptocurrency platform FTX to its Fintech Fast Track Program. That move aims to make cryptocurrency easier to spend for both consumers and businesses.
Research from Mastercard also confirmed that 93% of consumers in the US plan to use new payment technologies, such as crypto and biometrics, in the next year. Additionally, 75% of millennials surveyed reported they’d be more willing to use crypto if they had a better understanding of it.
At the moment, over 15,000 companies worldwide accept cryptocurrencies. Those include major corporations, such as Microsoft and Overstock. And estimates indicate that number will grow quickly and substantially.
In other words, credit card companies probably won’t have too hard of a time convincing people to sign on for crypt credit cards in the near future.